Alternate Marketing Networks Sets Annual Meeting Date and Reports on 2010 Financial Results
HUDSONVILLE, Mich., April 5, 2011 /PRNewswire/ -- Alternate Marketing Networks, Inc. (Pink Sheets: ALTM) has scheduled its annual meeting for June 22, 2011 at its Schaumburg office located at 428 E. State Parkway, Schaumburg, Illinois 60173. The Company reported a net profit after tax of $911,755 on gross sales of $24,361,616 for its fiscal year ending December 31, 2010. The Company reported income tax expense of $570,238. The unaudited financial statements were prepared by management. Alternate Marketing Networks became a non-reporting company pursuant to a Form 15 filed with the Securities and Exchange Commission effective January 2, 2004 and does not currently plan to produce audited financial statements or an annual report to the shareholders or to solicit proxies for the meeting. The Company currently has 8,046,656 shares issued and outstanding.
The Company's sole operating subsidiary, National Home Delivery, Inc., is an ad agency that specializes in national newspaper media buying and placement. This is accomplished through National Home Delivery's two primary divisions, U.S. Suburban Press (USSPI) and Specialty Media Solutions (SMS).
The Company has provided national advertisers in the U.S. with targeted advertising on a hyper-local level as well as a one-order, one-bill system. The Company has over 2,000 newspapers in its proprietary database.
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Alternate Marketing Networks, Inc. |
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4675 – 32nd Avenue |
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Hudsonville, MI 49426 |
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Alternate Marketing Networks, Inc., and Subsidiary Selected Financial Data (in thousands) |
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Twelve months ended December 31, (unaudited) |
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2010 |
2009 |
2008 |
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Net Sales |
$ 24,362 |
$ 20,031 |
$ 18,284 |
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Income from operations |
$ 1,482 |
$ 643 |
$ 287 |
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Income tax expense (benefit) |
$ 570 |
$ 187 |
$ 19 |
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Net income after tax |
$ 912 |
$ 451 |
$ 257 |
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Weighted average shares-diluted |
8,046,656 |
8,046,656 |
8,054,751 |
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Diluted earnings per share |
$ 0.11 |
$ 0.06 |
$ 0.03 |
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Statements in this news release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. The forward-looking statements can generally be identified by words such as "believes," "anticipates," "expects" or words of similar meaning. Forward-looking statements also include statements relating to the Company's future performance, such as future prospects, revenues, profits and cash flows. The forward-looking statements are subject to risks and uncertainties, which may cause actual results to be materially different from any future performance suggested in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements.
SOURCE Alternate Marketing Networks, Inc.
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